Dlighted uses deposit replacement insurance to allow tenants to rent without the need for an upfront deposit, cutting the cost of moving home while protecting landlords and letting agents against rent arrears, property damage and legal fees.

He said:

“It’s always been claimed that location, location, location is the key to buy-to-let success, but these days it’s more accurate to say cost, cost, cost.

“It may sound obvious but the best way of keeping the costs of empty properties down is to find replacement tenants rapidly, and it’s clear from these figures that the best way to do that is to keep costs down.

“Deposit replacement landlord insurance lets tenants let with zero deposit, keeping move-in costs to a minimum, and getting properties let faster. It also cuts costs for letting agents, allowing them to reduce their fees keeping down rents. All of these actions make it easier to find and keep good tenants, and to find them fast.

“Landlord insurance which enables deposit free renting doesn’t just protect landlords against empty properties, it protects them against the causes of empty properties, by covering them against unpaid rent and property damage in a way that traditional deposits just can’t.

“At least one political party is promising guaranteed lets for renters with pets, and these figures also suggest that this could be a vote winner other parties may look to emulate – emphasising the good sense of considering landlord insurance which provides extensive cover against property damage rather than relying on deposits.

“These figures certainly chime with Dlighted research which showed that deposit free renting was the reason tenants chose a particular property or letting agent in 85% of cases.”